Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,029/mo
Lowest payment- Down payment
- $257,953
- Funds due
- $269,173
- Interest + MI left
- $20,330
- First ends
- Nov 2050
Assumption
Assumption + second
$2,676/mo
+$1,648/mo- Down payment
- $27,953
- Funds due
- $40,521
- Interest + MI left
- $383,519
- First ends
- Nov 2050
New loan
New conventional
$2,656/mo
+$1,627/mo- Down payment
- $27,953
- Funds due
- $37,187
- Interest + MI left
- $374,462
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $16,947 | $16,947 | $246,947 |
| Second mortgage | — | $230,000 | — |
| First P&I | $124.11 | $124.11 | $1,709.81 |
| Second P&I | — | $1,647.75 | — |
| Mortgage insurance | $8.09 | $8.09 | $49.39 |
| Taxes, insurance & HOA | $896.50 | $896.50 | $896.50 |
| Total housing payment | $1,028.70 | $2,676.45 | $2,655.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,953
Closing costs & prepaids$12,568
Usable credit−$0
Total buyer cash needed$40,521
Earnest money paid−$0
Remaining funds due$40,521
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,749.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,979.50
Initial HOA (3 months)$260.01
Prepaid interest, first (2 days)$6.71
Prepaid interest, second (2 days)$97.67
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing24 yrOf the original 27-year loan at 7.230%
Interest already paid$3,758Through Nov 2026
Assumption only · ends Nov 2050$20,330
Assumption + second · ends Nov 2050, second Dec 2056$383,519
New conventional · ends Dec 2056$374,462